The Canadian dollar has been under pressure because of the weakening oil price so the dollar has been edging higher against CAD. On the agenda today for USDCAD is initial jobless claims out of the U.S, core retail sales out of Canada, and we have a speech from a FED member. However the big risk event for Canada is on Friday when we get the inflation figures, so if you are in any CAD trades you might want to keep an eye on the CPI data release on Friday as well.

USDCAD DAILY

MARKET IS SIDEWAYS. PRICE OPENED UP @ MPP IN THE BEGINNING OF THE MONTH AND WAS TRADED ALL THE WAY TO MS2 PROFIT ZONE FOR BEARS. PIVOT POINT THEORY SUGGEST THAT BULLS WILL TRADE THIS PAIR ALL THE WAY BACK TO THE CENTRAL PIVOT.

USDCAD H4

MARKET IS SIDEWAYS. PRICE PRINTED A DOUBLE BOTTOM AND IS CURRENTLY TRYING TO PRINT A HIGHER HIGH AND A HIGHER LOW. RESISTANCE IDENTIFIED BY THE ORANGE BARS AND SUPPORT IS IDENTIFIED BY THE GREEN BARS. STOCHASTICS IS OVERBOUGHT. IF PRICE PRINTS A HIGHER HIGH I WILL BUY THE HIGHER LOW.

USDCAD H1

MARKET IS BULLISH, 21 ABOVE THE 55. PRICE HAS BEEN PRINTING HIGHER HIGHS AND HIGHER LOWS WHILE RESPECTING THE 21. RESISTANCE IDENTIFIED BY THE ORANGE BARS AND SUPPORT IS IDENTIFIED BY THE GREEN BARS. STOCHASTICS HEADING SOUTH. A BOUNCE OFF SUPPORT @ DPP WOULD GIVE BULLS A TARGET OF DR2 FOR TODAY.

2 thoughts on “USDCAD LONG TECHNICAL ANALYSIS, 22 JUNE 2017”

  1. frank says:

    I’m already in that trade plan. Nice one man.let’s hope bulls push the price to wm4

  2. Pedro says:

    hahaha thanks brother, but the news on CAD yesterday stopped me out @ breakeven.

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